EOS Launch Day. EOS Misconceptions. EOS Airdrops.
EOS will launch the mainnet today in just hours. There are many rumors surrounding EOS and disinformation flying around. I discuss the details of why EOS is a breakthrough in blockchain technology.
First off, DPoS or Delegated Proof of Stake is a democratic system of voted in block producers (miners). These producers will always be 21 in number and their power is decentralized as they do not (pool) their power. They are voted in and can be voted out at any time, much like the the board members of a company can be voted out by shareholders and other board members. This alleviates the 51% attack problem that we are seeing with other proof of work cryptos. In order to even tamper with EOS in this way 15 of the 21 block producers would have to launch a coordinated collusive effort before being voted out of position. Even then, they have little reason to do so, as they are in a Proof of Stake model, where they own a large position of EOS tokens.
Secondly, there is a lot of confusion on how the $4 billion in ICO proceeds will be spent by Block.one. Instead of having ICOs raise funds by collecting EOS to fundraise for their projects, which leaves investors open to potential scams, projects will have their tokens airdropped to stakeholders of EOS. This will give Block.one a central authority on venture capital, but at the same time thwarts bad actors from running scam ICOs. In order to gain value, they will have to put in work and prove to block.one that they deserve funding. They are free to raise funds in other ways, but will not be collecting EOS as a "fuel" for the project like Ethereum ICOs. Launching on EOS will be open source and anyone will be able to create a custom blockchain. This will also keep EOS tokens from being sold off by ICOs and creating selling pressure on the EOS token in markets.
Thirdly, the lengthy timeline of this ICO is not a bad thing. It keeps whales from buying up all the tokens in the first few days. More investors can get their hands on tokens, this gives the network more users, which in effect should give more value. The network effect of Metcalfe's Law is a more prevalent valuation metric in blockchains.
There will be airdrops occurring shortly after launch, so you'll want to have your tokens registered and in an ERC20 wallet like Metamask or MEW. Amongst others, here are a few of the upcoming tokens EOS holders will receive in airdrops
-Everepedia
-Horuspay
-Meet.one
-Scatter
Holding EOS tokens will allow the EOS investor to simply reap the rewards of all future projects. The $4 Billion in ICO funds are an investment in the potential of this platform.
I believe this ICO will set a precedent for others in the future.
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You mention a very interesting tidbit about the 'Hash power worth 1000$ needed to cause a 51 percent attack'. Now that one almost made me wet my pants............. its a major surprise, at least for me!
I got to understand the (delegated) DPOS after coming to the steem blockchain. Frankly I did not understand it for a while but only with time and a lot of reading and listening I got a bit of a hold of it. People who claim DPOS being centralized probably don't understand what you mentioned - which is that mining pools have already done much worse to POW coins. (Although I understand the need for pools).
EOS has been huge until now. In fact when all is said and done I consider it an alt to look for in the coming year. Thanks for sharing this man! Needed to hear this after all the fudding that's going on with EOS
The answer came in the Korea Announcement. Block.one announced that they are committing one billion dollars of the money raised in the ICO to fund future dapps built on EOS and the creation of EOS VC as the unit responsible for distributing, managing and growing the fund. In addition, EOS announced the first project that EOS VC will invest in, which is Everipedia. Everipedia is a for profit fork of Wikipedia that is planning to migrate to the EOS blockchain. As a result of this investment, Everipedia announced that they will not be doing an ICO rather they will airdrop their token to EOS token holders. This airdrop it was announced, will set a precedent for future projects funded by EOS VC. In other words, any project that EOS VC invests in there is high probability that EOS holders will receive a percentage of that token as an airdrop.
Most welcome sir
The EOS Korea Announcement was misconstrued and its suggestions disregarded by the market. A billion dollars of the cash raised from the EOS ICO is currently authoritatively dedicated to ventures on EOS, the undertakings financed get airdropped to EOS holders as the component for token appropriation rather than ICOs. These airdrops will begin considering into the estimation of EOS as an ever increasing number of ventures get financed and more airdrops happen. The vulnerability of "how the EOS ICO assets will utilized?" has been cleared, affirming that the EOS ICO assets will be utilized to develop the EOS blockchain.
I am a BIG FAN of Connor Kenny and @investing. EOS will be a Very Big Deal.
Thanks for you sir
Agree, interested to see how all goes.
Lots of contrasting statements out there in the info.
Cheers to eloquent, true communication.
Wow so much talk about EOS in the last three days has really been stunning, they've tried to sweetened blockchain and make it quite easier for even a lay man too, however what will this mainnet detail? What should we expect of it? Is it a features on it's own? I'd like to know more, amazing update
I think rather we require a Q&A stickied to the best which I'd be glad to add to. Here is a post I composed for r/digital currency however you get the jist. I needed to impart to you a few things I've found out about EOS. Indeed, truly, I know… yet before you downvote me to hellfire attempt and take a couple of minutes to check whether there is something you didn't definitely know in here about the forthcoming system. All things considered, we are the early adopters that will help shape the foundation to come. While we as a whole need our own particular portfolios to succeed the truth is that any achievement is great accomplishment for crypto. Also I'm certain a few people are interested given the crazy value activity of late.
This is blockchain and crypto 101. In the event that you don't possess the private keys to your tokens, you don't claim them, PERIOD - putting away tokens on a trade can be awful news. On the off chance that you are not a dynamic broker, there is zero motivation to not secure your property in a private wallet to which you claim the key. The plenty of wallet alternatives leaves no reason for not taking control of your tokens. At present, EOS is an ERC20 token, so making a wallet can be as straightforward as introducing the MetaMask program expansion, or as mind boggling as setting up a disconnected wallet utilizing the MEW programming on a neighborhood machine. You choose for yourself which security framework best suits your speculation size and tech mastery.
EOS.IO is programming that acquaints a blockchain engineering planned with empower vertical and even scaling of decentralized applications. This is accomplished through a working framework like develop whereupon applications can be constructed. The product gives accounts, confirmation, databases, nonconcurrent correspondence and the booking of utilizations over various CPU centers and additionally bunches. The subsequent innovation is a blockchain design that can possibly scale to a great many exchanges for every second, disposes of client expenses and takes into consideration fast and simple arrangement of decentralized applications.